Correlation Between Matterport and ProShares UltraShort

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Matterport and ProShares UltraShort at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Matterport and ProShares UltraShort into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Matterport and ProShares UltraShort Gold, you can compare the effects of market volatilities on Matterport and ProShares UltraShort and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Matterport with a short position of ProShares UltraShort. Check out your portfolio center. Please also check ongoing floating volatility patterns of Matterport and ProShares UltraShort.

Diversification Opportunities for Matterport and ProShares UltraShort

MatterportProSharesDiversified AwayMatterportProSharesDiversified Away100%
-0.92
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Matterport and ProShares is -0.92. Overlapping area represents the amount of risk that can be diversified away by holding Matterport and ProShares UltraShort Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ProShares UltraShort Gold and Matterport is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Matterport are associated (or correlated) with ProShares UltraShort. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ProShares UltraShort Gold has no effect on the direction of Matterport i.e., Matterport and ProShares UltraShort go up and down completely randomly.

Pair Corralation between Matterport and ProShares UltraShort

Given the investment horizon of 90 days Matterport is expected to generate 4.98 times more return on investment than ProShares UltraShort. However, Matterport is 4.98 times more volatile than ProShares UltraShort Gold. It trades about 0.04 of its potential returns per unit of risk. ProShares UltraShort Gold is currently generating about -0.06 per unit of risk. If you would invest  275.00  in Matterport on December 4, 2024 and sell it today you would earn a total of  263.00  from holding Matterport or generate 95.64% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Matterport  vs.  ProShares UltraShort Gold

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb -15-10-50510
JavaScript chart by amCharts 3.21.15MTTR GLL
       Timeline  
Matterport 

Risk-Adjusted Performance

Good

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Matterport are ranked lower than 14 (%) of all global equities and portfolios over the last 90 days. Even with relatively abnormal basic indicators, Matterport reported solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15JanFebMarFebMar4.64.74.84.955.15.25.35.4
ProShares UltraShort Gold 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days ProShares UltraShort Gold has generated negative risk-adjusted returns adding no value to investors with long positions. Despite conflicting performance in the last few months, the Etf's essential indicators remain quite persistent which may send shares a bit higher in April 2025. The latest mess may also be a sign of long-standing up-swing for the ETF venture institutional investors.
JavaScript chart by amCharts 3.21.15JanFebMarFebMar14.51515.51616.51717.518

Matterport and ProShares UltraShort Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-3.68-2.76-1.83-0.910.01671.02.03.04.0 0.050.100.150.200.25
JavaScript chart by amCharts 3.21.15MTTR GLL
       Returns  

Pair Trading with Matterport and ProShares UltraShort

The main advantage of trading using opposite Matterport and ProShares UltraShort positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Matterport position performs unexpectedly, ProShares UltraShort can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in ProShares UltraShort will offset losses from the drop in ProShares UltraShort's long position.
The idea behind Matterport and ProShares UltraShort Gold pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
Check out your portfolio center.
Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.

Other Complementary Tools

Risk-Return Analysis
View associations between returns expected from investment and the risk you assume
Stocks Directory
Find actively traded stocks across global markets
Theme Ratings
Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance
Stock Tickers
Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites
Companies Directory
Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals